What’s New: In Brief (August 04, 2009)

Munich Re’s profit of US$1.4 billion in the first half of 2009 was down 20.1% over the same period last year, the company has reported.
In property and casualty reinsurance, the company’s combined ratio came to 97.7% for the months of January to June 2009.
In the first half of 2009, overall loss expenditures for major losses came to US$777 million, accounting for 12.1% of the combined ratio.
“At US$79 million, natural catastrophes had only a small impact on our business,” Munich Re said in a press release. “US$118 million was paid or reserved for man-made loss events. Burdens in credit and surety reinsurance business amounted to EUR217 million (US$312.3 million).”   

XL Capital Ltd. reported a 2009 Q2 profit of US$79.9 million, a 66% decrease from the US$237.9-million profit it recorded over the same period last year.
“The decrease in net and operating income in the quarter was in part driven by a foreign exchange loss of [US]$145.2 million, which results from the weakening of the U.S. dollar against other major currencies, primarily Sterling,” the company said in a release. “Also impacting the reduction in net and operating income during the quarter was a decline in net investment income of [US]$112 million compared to the second quarter of 2008.”
The property and casualty operations reported a combined ratio of 93% in 2009 Q2, “only slightly higher than the same quarter last year,” the company reported.